701 W Grove Pkwy, Tempe, AZ 85283

Multifamily · Tempe · Phoenix metro, AZ

One of 858 reachable multifamily buildings in Tempe. Larger than 91% of multifamily buildings in Tempe (median 2,752 SF), derived from assessor records.

County gross building area
183,417 SF, Maricopa County Assessor
Lot size
426,662 SF, Maricopa County Assessor
Year built
1987, Maricopa County Assessor
Stories
1, Maricopa County Assessor
Buildings on parcel
34, Maricopa County Assessor
Predominant use
Apartments 100+ Units 3 Or More Story, Maricopa County Assessor
Units
248, Maricopa County Assessor
Assessed value
$36,870,600, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$201.02/SF, derived from assessor records
Building area / lot
0.43, derived from assessor records
Vintage
1980s vintage
County use code
APARTMENTS 100+ UNITS 3 OR MORE STORY

Nearby comparable buildings

Same building type, by distance. Assessor facts only; not an opinion of value.

Want to talk to the owner? makeme1031 delivers a private letter directly to the owner of record. We never publish the owner's identity or address.

Own this building?

Claim privately

Claiming is for you. Your mailing address is never shown; no offer reaches you unless you opt in.

Claimed owners can confirm facts, watch the estimate, and decide whether to reply.

Received a letter about this building? It came from a real buyer through makeme1031; claiming is how you reply privately, on your terms.

Claimed owners also get Portfolio Pulse: a monthly email tracking this building's value.

Claim or manage this building

Sale history and market context

MakeMe Estimate: $46.5M (estimated market value), with a likely range of $37.2M to $55.2M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $36,870,600 times a 1.26 market ratio, measured from 3891 verified arm's-length sale prices vs county values (multifamily sales across the county, through 2026-06-29). Not an appraisal. How this estimate works. About $188K per unit at the midpoint (248 units).

lower confidence: 1 comparable sale within 3 miles; nearest 0.7 mi. This property type carries wider measured error; treat the estimate as a starting point. Last arm's-length sale: $67,912,525 in 2021. The market has moved since; the estimate reflects current county values and ratios, not that price.

Comparable sales used as evidence

Recorded arm's-length sales of similar buildings nearby; nearer and more recent sales rank first. Buyer and seller names are withheld. Get this data via API.

Market context: Multifamily in Tempe

median verified sale $299.64/SF over the trailing 24 months; median $269,663 per unit; 20 sales in the last 12 months and 39 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.88x to 1.73x their county full cash value, median 1.17x (39 sales with usable county values).

  • 2022: $338.50/SF median (26 sales)
  • 2023: $311.92/SF median (15 sales)
  • 2024: $371.84/SF median (14 sales)
  • 2025: $306.75/SF median (27 sales)
  • 2026 YTD: $259.95/SF median (4 sales)

This estimate sits at 1.26x county full cash value, the 64th percentile of those recent sale premiums.

Computed from 239 verified arm's-length sales in Maricopa County public records (39 in the trailing 24 months). Free public records. Not an appraisal.

Last sold: 2021-09-01 for $67,912,525 (recorded arm's-length sale).

Current ownership dates to 2021 (about 5 years) per recorded transfers.

Source: Maricopa County recorded sales extract; buyer and seller shown only when a company or organization. Individual names are withheld.

Value over time

$0$20M$40M$60M$80M20262027$46.5M$36.9MCounty assessed valueMakeMe Estimate range

Dark line: county assessed value per Maricopa County tax rolls. Blue line: our estimate; dashed years are a modeled backcast built from recorded arm's-length sales in the building's segment, not estimates published at the time, and years without enough sales stay unmodeled. The shaded range is the model's measured error band; about half of verified sales in the segment land inside it. Diamonds: recorded arm's-length sales. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $40,637,600 (2026) to $36,870,600 (2027), down 9% over 1 years, per county tax rolls. The 2027 roll splits $36,870,600 into $7,374,100 land and $29,496,500 improvements.